粤高速Ｂ：2025年年度报告（英文版）

2025AnnualReport March2026 I.ImportantNotice,TableofContentsandDefinitions TheBoardofDirectorsandthedirectors,SupervisoryCommitteeandsupervisorsandSeniorExecutivesoftheCompanyherebywarrantthatattheyear,therearenomisstatement,misleadingrepresentationorimportantomissionsin this report and shall assume joint and several liability for the authenticity,accuracy andcompletenessofthecontentshereof. Mr.MiaoDeshan,TheCompanyleader,Mr.LuMing,ChieffinancialofficerandtheMs.YanXiaohong,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisannualreport. AllthedirectorsattendedtheboardmeetingforreviewingtheAnnualReport. ThetollrevenuesofExpresswayismainsourceofthemajorbusinessincomeofthecompany,Thechargestandardofvehicletollmustbesubmittedtothesamelevelpeople'sgovernmentforreviewandapprovalafterthetransportregulatory department of province,autonomous region or municipality directly under the centralgovernmentinconjunctionwiththepriceregulatorydepartmentatthesamelevelconsenteduponexamination.Therefore,theadjustmenttrendofthechargepriceandthechargepriceifhasthecorrespondingadjustmentinthefuturepricelevelwhenthecostofthecompanyrisesstilldependontheapprovalofrelevantnationalpoliciesandgovernmentdepartments,and the company isn't able to make timely adjustment to the charge standard inaccordancewiththeitsownoperationcostorthechangeofmarketsupplydemand.So,thechangeofchargepolicyandtheadjustmentofchargestandardalsohaveinfluenceontheexpresswaysoperatedbythecompanytosomeextent.So,thechargingpolicychangesandchargesadjustmentwillaffectthehighwaysoperationofthecompany. Theprofit distribution proposal reviewed and approved bythe boardingmeeting was summarized asfollows:2,090,806,126forthebase,theCompanywoulddistributecashdividendtoalltheshareholdersattherateofCNY6.04forevery10shares(withtaxinclusive),0bonusshares（includingtax）andnoreservewouldbeconvertedintosharecapital. TableofContents I.ImportantNotice,TableofcontentsandDefinitionsII.CompanyProfile&FinancialHighlights.III.ManagementDiscussion&AnalysisIV.CorporateGovernanceandEnvironmentalSocialV.ImportantEventsVI.ChangesinsharesandinformationaboutShareholdersVII.CorporateBondVIII.FinancialReport Documentsavailableforinspection 1.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,GeneralManager,ChiefFinancialofficer（Chiefaccountant）,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)FinancialPrincipal. 2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignaturesofcertifiedPublicaccountants. 3.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod. Definition II.CompanyProfile&FinancialHighlights. 1.CompanyProfile 2.Contactpersonandcontactmanner 3.Informationdisclosureandplaced 4.ChangesinRegistration 5.OtherRelevantInformation CPAsengaged TheFinancialadvisorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod □Applicable√Notapplicable 6.AccountingDataandFinancialIndicators Whetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata□Yes√No Thelowerofthecompany’snetprofitbeforeandafterthedeductionofnon-recurringgainsandlossesinthelastthreefiscalyearsisnegative,andtheauditor'sreportofthepreviousyearshowsthattheCompany’sgoingconcernabilityisuncertain. □Yes√No Thelowerofthenetprofitbeforeandafterthedeductionofthenon-recurringgainsandlossesisnegative. □Yes√No 7.Thedifferencesbetweendomesticandinternationalaccountingstandards 1.Differencesin net profits and net assetsin the financial report disclosed under the internationalaccountingstandardsandthatdisclosedunderthedomesticaccountingstandards □Applicable□√Notapplicable Therewasnodifferenceinnetprofitsandnetassetsinthefinancialreportdisclosedundertheinternationalaccountingstandardsandthatdisclosedunderthedomesticaccountingstandardsduringthereportperiod. 2.Differencesinnetprofitsandnetassetsinthefinancialreportdisclosedundertheoverseasaccountingstandardsandthatdisclosedunderthedomesticaccountingstandards □Applicable√Notapplicable Therewasnodifferenceinnetprofitsandnetassetsinthefinancialreportdisclosedundertheoverseasaccountingstandardsandthatdisclosedunderthedomesticaccountingstandardsduringthereportperiod. 8.MainFinancialIndexbyQuarters 9.Itemsandamountofnon-currentgainsandlosses √Applicable□Notapplicable InRMB Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition□Applicable√NotapplicableTherearenoothergains/lossesitemsthatmeetthedefinitionofnon-recurringgains/lossesintheCompany.Explaintheitemsdefinedasrecurringprofit(gain)/lossaccordingtothelistsofextraordinaryprofit(gain)/lossinQ&AAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic---ExtraordinaryProfit/loss□Applicable√NotapplicableTherearenoitemsdefinedasrecurringprofit(gain)/lo